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TSI Reading: Identifying the Main Idea of an Informational Passage 30 Views
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Description:
Peer-to-peer lending, or social lending, is a new process of connecting an individual borrower with lenders without using traditional banks to obtain an unsecured loan. Potential borrowers can post a request for a loan, along with a brief description of how they will use it. The borrower and lenders are strangers; their only knowledge of each other is through the website. Although the idea seems very informal, a peer-to-peer loan contract is a formal, legally binding agreement between two parties.
This passage is mainly about
(A)peer-to-peer lending as a social agreement
(B)how a formal agreement is created by peer-to-peer lenders
(C)different types of loans available through traditional banks
(D)borrowing money from friends
Transcript
- 00:02
All right sy reading shmoop er's another set of paragraph
- 00:05
for is a little different because here we have to
- 00:07
read the passage Choose the best answer to the question
- 00:09
that's the best answer not the right one for say
- 00:14
all right peer to peer lending or social ending is
Full Transcript
- 00:16
a new process of connecting individual borrowers lenders without using
- 00:19
traditional banks to obtain an unsecured loan Potential borrowers can
- 00:22
post a request for a loan along with brief description
- 00:24
how we'll use it to power and lenders are strangers
- 00:26
there only knowledge of each other through the website although
- 00:28
the idea seems very informal appear to pure loan contract
- 00:31
the form a legally binding agreement between two parties Okay
- 00:34
well it sounds like they're just explaining kind of how
- 00:36
this whole thing works right So let's think about this
- 00:39
we'll peer to peer lending is a formal binding agreement
- 00:43
Kind of like when you meet a lot of crackers
- 00:45
in a banana and do it the borrowers get to
- 00:48
bypass traditional banks and score their loans online Well they'll
- 00:53
still legally be required to pay the money back So
- 00:55
the answer is b it's about how a formal agreement
- 00:57
is created by peer to peer lenders right Loser ball
- 01:00
Yeah peer to peer lending allows people to apply for
- 01:03
loans from their bunny slippers but it isn't a casual
- 01:05
arrangement According to passage It's Still legit legally binding right
- 01:09
peer to peer loans aren't available through banks but through
- 01:11
websites and borrowers and lenders are usually strangers So yeah 00:01:15.647 --> [endTime] money from friends like get really
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